Article Summary:
Agenda Item 10b
Resolution No. 3848: Port of Seattle Participation in City of Bellevue Tax Increment Area
Approval of the Port’s participation in the city of Bellevue’s tax increment area, as authorized under RCW 39.114.020.
Key Points:
Authorization for City of Bellevue to enact increment area up to $500,000,000 in combined assessed valuation if connected to Interstate 405
Transportation-related public improvements to enhance integration and connection of neighborhoods within and adjacent to the increment area
Bellevue ordinance designating the increment area no later than June 30, 2026
Port Commission review of City of Bellevue’s tax increment area analysis
Grand Connection project benefits: significant economic impact, reduced regional greenhouse gas emissions, creation of housing and commercial real estate
Port’s prior investment in Eastrail and opportunity to link downtown employment center with regional multimodal corridor
Resolution:
Port commits to full participation in the City of Bellevue tax increment area for the Grand Connection Crossing